GBPUSD-correction finished!!

FX:GBPUSD   British Pound / U.S. Dollar
1256 7 15
After some time of ugly consolidation i think the correction for this pair is finished.
Looking at W1 chart price is bouncing from a strong level of S/R

Here on D1 chart we have a potential wave 2 just finishing with an AB=CD pattern.
This could be the start of a strong decline for wave 3.
The invalidation level is above last highs.
My EW count on H4 chart also support this bias (see below).
You can use this idea to find an entry point on lower FT             to have a better R/R ratio.
Best Regards.

P.D. potential HS pattern:
Yeap got the same idea lets see
FullTimeTrader KevinSinghDhaliwal
Yes, it would ideal if we have a breakout of your trendline and retest to enter. Regards.
+1 Reply
DerekUweri71 FullTimeTrader
Full-time Trader, Good analysis . Are you still in this trade?
FullTimeTrader DerekUweri71
Hello, i didnt take this trade because im already short on EURUSD, they are strongly correlated. We shoud be careful and do not overtrade because all currencies are correlated. I do not necessary open all ideas i post. Regards.
DerekUweri71 FullTimeTrader
I totally agree. Good analysis nevertheless.
FullTimeTrader DerekUweri71
Thanks! off course other traders could consider this idea and open a trade. For example right now i think the EURJPY is still a good short opportunity.
DerekUweri71 FullTimeTrader
What's your reason ? I will consider a short if price breaks 135.250. I will try and send a graph, I'm always having problems with it , not sure if it's my browser.
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